• The typical home buyer is 39 years old, while the typical repeat buyer is 46 years old.

• The 2006 median household income of buyers was $74,000. Among repeat buyers, the median income was $85,700.

• Nine percent of home buyers reported they were born outside the United States.

• Three quarters of home buyers between 18 and 24 purchased a home because of their desire to own a home of their own and establish a household.

  Characteristics of Homes Purchased 

• The typical home purchased was 1,810 square feet in size.

• Sixty-seven percent of first-time buyers purchased a detached single-family home, compared with 79 percent of repeat buyers.

• The median distance recent buyer’s moved was 13 miles.

• Buyers typically plan to stay in their home for 10 years.

  The Home Search Process

• Nearly one-third of recent buyers reported that their first step in the home buying process was looking online for properties for sale.

• Eighty-four percent of home buyers used the Internet to search for homes.

• The typical home buyer searched for eight weeks and viewed 10 homes.

• Real estate agents were viewed as a very useful information source by 70 percent of buyers searching for a home.

 Home Buying and Real Estate Professionals

• Seventy-nine percent of buyers purchased their home through a real estate agent or broker

• Forty-three percent of buyers found their agent through a referral from a friend or family member

• The most important factor buyers consider when choosing an agent is their honesty and integrity.

• Sixty-eight percent of buyers would definitely use their real estate again or recommend the same agent to others.

Financing the HomePurchase

• Ninety-three percent of home buyers financed their recent home purchase.

• Nearly three-quarters of first time buyers rely on savings for their downpayment.

• More than three-quarters of buyers felt their home purchase was at least as good an investment as stocks. 

Home Sellers and Their Selling Experience  

• Eighty-five percent of sellers were assisted by a real estate agent when selling their home.

• Over half of recent home sellers reported that they undertook home improvement or remodeling projects within three months prior to putting their home on the market.

• More than half of home sellers traded up to a larger home when purchasing their next home.

• Recent sellers typically sold their homes for 97 percent of the listing price. 

Home Selling and RealEstate Professionals  

• For one-quarter of sellers, their most important expectation is that the real estate agent will help sell the home within a specific timeframe.

• The most important factor when choosing a real estate professional, cited by 38 percent of recent sellers, is the reputation of the agent.

• Eighty-eight percent of sellers reported that their home was listed or advertised on the Internet.

• Among recent sellers, 81 percent reported that they used a real estate agent that provided a range of services and managed most aspects of the home sale.

  For-Sale-by-Owner(FSBO) Sellers  

• The share of home sellers who sold their home without the assistance of a real estate agent was 12 percent.

• The chief reason that sellers choose to sell their home without the assistance of a real estate agent is that they do not want to pay a fee or commission.

• More than one-quarter of FSBO sellers took no action to market their home.

• For 18 percent of FSBO sellers, the most difficult task in selling their home was understanding and performing the necessary paperwork to complete the transaction.